HNB Assurance PLC Group posted a Profit After Tax (PAT) of LKR 1.2 Bn for FY21. The Gross Written Premium (GWP) of the Group showcased an impressive growth of 22% recording LKR 12.6 Bn. Expressing her views on the Group’s performance, Chairperson of HNB Assurance PLC (HNBA) and HNB General Insurance Limited (HNBGI), Mrs. Rose Cooray stated, “HNB Assurance PLC Group had a solid fourth quarter of fiscal 2021 and ended the year posting impressive financial results. Our strong performance during the year positioned both businesses as dynamic, agile and innovative entities and I’m extremely pleased with the continued strength and growth of HNBA and HNBGI. It is noteworthy to mention that the Life Insurance Business showcased a growth of 29% and the General Insurance Business showcased a growth of 13% recording GWP of LKR 7.1 Bn and 5.6 Bn respectively and the Net Income and Interest and Dividend Income of the Group surpassed LKR 13.7 Bn and LKR 2.5 Bn respectively. Total Assets of the Group surpassed LKR 35.9 Bn during the year”. Mrs. Cooray continued, “These results are an outcome of the Group’s well-curated business strategies and well-focused Management practices. The Group’s financial performance is proof that both companies have navigated through a dynamic and challenging environment and will continue to do so. With the solidity depicted through these numbers, the Board is confident that the Group will further consolidate its strong footing in the market during 2022”. Speaking on the financial performance of HNB Assurance PLC, Mr. Lasitha Wimalaratne, Chief Executive Officer stated, “HNBA ended 2021 delivering impressive financial results and continued its growth momentum amidst a challenging economic backdrop. In reviewing the performance of the business, HNBA recorded a GWP of LKR 7.1 Bn during FY21, depicting a growth of 29% and the PAT of HNBA for the year surpassed LKR 1 Bn, showcasing a growth of 38%. As a result of our commitment of taking care of our Policyholders and delivering superlative returns, the Life Insurance Business settled Insurance Benefits and Claims amounting to LKR 1.6 Bn during the year. Reaffirming the strong financial footing of the business, the Life Insurance Fund surpassed LKR 20 Bn during the year. HNB Assurance is well geared to improve its resilience to face the on-going market and economic challenges and to provide a distinctive experience to customers as well as other stakeholders”. Mr. Wimalaratne continued, “Taking the winning spirit of the business to new heights, HNBA produced a record breaking 164 Million Dollar Round Table (MDRT) qualifiers, including 05 Court of the Table (COT) and 02 Top of the Table (TOT) achievers in 2021. The Company received several awards and accolades during the year for its business excellence, service excellence and product excellence. Key amongst the accolades received were the Best Health Insurance Initiative of the Year Sri Lanka Award by Insurance Asia Awards, Best Bancasssurance Provider in Sri Lanka 2021 Award by Global Banking and Finance Review, The National Service Sector Silver Award and Top Ten Award for Industrial Excellence at CNCI Achiever Awards 2021. Demonstrating its commitment to gender balance and equality HNBA was recognized as One of Sri Lanka’s Top 10 Women Friendly Workplaces in Sri Lanka at Women Friendly Workplaces Awards 2021. This augurs well for the Company’s open culture where everyone has an equal chance to fulfil one’s dreams and aspirations. I wish to reiterate that the business remains well-focused on what’s ahead and with agile business strategies in place, I’m confident that HNBA will continue to improve on its market share, profitability and drive towards the strategic vision set of the business”. HNB General Insurance delivered a robust performance during FY21, recording notable results during the fiscal 2021. Sharing his views on the performance of HNBGI, Mr. Sithumina Jayasundara, Chief Executive Officer stated, “HNBGI recorded a GWP of LKR 5.6 Bn depicting a growth of 13% and recording a PAT of LKR 338 Mn. These results were recorded against a number of challenges presented by the continuation of a global pandemic. During the year, the business settled Insurance Benefits and Claims amounting to over LKR 2.5 Bn fulfilling its promise to its valued customers. From a segmental perspective, the Motor Insurance segment delivered an exceptional performance followed by Fire, Engineering and Marine Segments. During FY21, the General Insurance Contract Liabilities surpassed LKR 3.7 Bn”. Mr. Jayasundara further added, “HNBGI being an innovative and leading General Insurance service provider in the market has adapted a number of strategies to identify existing gaps in the market and to provide innovate and customer centric solutions to our customer-base. Facing several challenges caused due to adverse weather conditions and COVID-19 related challenges, the business has navigated through a volatile environment to record these impressive results. It is noteworthy to mention that during the year, HNBGI claimed a number of awards including the Motor Insurance Initiative of the Year - Sri Lanka 2021 by Insurance Asia Awards and the National Bronze Award for Industrial Excellence CNCI Achiever Awards 2021. In driving towards its ambitious targets and goals, the business has crafted short and and medium-term strategies for the year and the Management of HNBGI remains well-focused on expanding its operations, accelerating innovative technologies and improving execution to create a meaningful difference in the market”. HNB Assurance PLC (HNBA) is one of the fastest growing Insurance Companies in Sri Lanka with a network of 63 branches. HNBA is a Life Insurance company with a rating of ‘A+’ (lka) by Fitch Ratings Lanka for 'National Insurer Financial Strength Rating'. Following the introduction of the segregation rules by the Insurance Regulator, HNB General Insurance Limited (HNBGI) was created and commenced its operations in January 2015; HNBGI continues to specialize in motor, non-motor and Takaful insurance solutions and is a fully owned subsidiary of HNB Assurance PLC. HNB General Insurance has been assigned a 'National Insurer Financial Strength Rating' of ‘A+’ (lka) by Fitch Ratings Lanka Limited. HNBA is rated within the Top 100 brands and Top 100 companies in Sri Lanka by LMD and HNB Assurance has won international awards for Brand Excellence, Digital Marketing and HR Excellence including the Great Place To Work® Certification, and won many awards for its Annual Reports at award ceremonies organized by the Institute of Chartered Accountants of Sri Lanka.
Jul
In a move towards reimagining the future of accessible, digital-first healthcare, HNB Assurance PLC and Flash Health entered a partnership to enhance the wellness experience for policyholders. This collaboration brings together the trust and legacy of one of Sri Lanka’s leading insurance providers with the innovation and agility of a health-tech disruptor, creating a future where wellness is not just promised, but truly delivered.Under this partnership, HNB Assurance policyholders will gain seamless access to Flash Health’s full ecosystem of digital healthcare services, including medicine delivery, lab testing, doctor consultations, and more, all through a convenient and user-friendly mobile app. This ensures that wellness is no longer reactive, but proactive, accessible, and empowering.HNB Assurance’s Executive Director / Chief Executive Officer, Lasitha Wimalaratne, stated, “This collaboration is a natural extension of our commitment to deliver value beyond traditional insurance. By integrating Flash Health’s capabilities, we enable our customers to manage their health proactively, making insurance a safety net and a platform for ongoing wellness.”“At Flash Health, we believe that good health shouldn’t begin at the hospital, it should start at home,” said Arshad Ameer, Founder of Flash Health. “This partnership marks a bold step in our mission to make healthcare accessible, timely, and personalised for every Sri Lankan. Together with HNB Assurance, we are creating an experience that puts people first, where policyholders don’t just receive cover, they receive care.”With policyholders across the country, this partnership is expected to touch thousands of lives, offering timely access to healthcare, reducing waiting times, and improving the quality of life, especially for the elderly, chronically ill, and time-constrained working professionals.
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Jul
In a year that marked new milestones and continued momentum, HNB Assurance brought together its team from around the island, for the 2025 Staff Conference, an evening dedicated to celebrating its people and the values that fuel the company’s remarkable rise. With over 850 team members in attendance, the event was graced by Chairman Mr. Stuart Chapman as the Chief Guest, alongside members of the Board of Directors, making it a truly memorable gathering.Held under the theme of “United, Bold, Victorious” the event wasn’t just a look back at accomplishments, it was a celebration of the individuals behind them. From honoring years of loyal service to applauding those pushing boundaries across teams and disciplines, the night was a powerful reminder of why HNB Assurance continues to thrive.The highlight of the evening was a series of recognitions that reflected the company’s holistic approach to success. The Long Service Awards honored those who have dedicated over 15 years to HNB Assurance’s journey. The Chairman’s Award recognized employees who have truly redefined excellence. The In.she Woman Empowerment Award celebrated women breaking barriers, while the CEO’s Special Recognition Award honored teams and individuals achieving extraordinary success outside their formal roles – including in sports and collaborative business innovations.Addressing the gathering, Executive Director / CEO Lasitha Wimalaratne reflected on the year and the collective effort that continues to drive HNB Assurance forward “We are not just building a business. We are building a culture of purpose, integrity and shared ambition. Over the past few years, we have grown at twice the pace of the industry, not because of chance, but because of our people, their commitment and belief in what we are building together. I couldn’t be prouder to lead this team.”Mr. Navin Rupasinghe, Deputy General Manager / Head of Human Resources, sharing his thoughts, stated, “This conference is a celebration of growth, but more importantly, of gratitude. It is about recognizing the culture we have created, one where people feel valued, empowered and inspired. Every award handed out tonight carries a story of hard work. As we continue to raise the bar, it is clear that our greatest asset will always be our people. This year also marks a significant milestone with the official launch of our Diversity, Equity, and Inclusion (DEI) framework, reinforcing our commitment to creating a workplace where everyone feels seen, heard and supported, which is another step toward building an environment where every individual can thrive.”
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Jul
A key leadership announcement was made as Lasitha Wimalaratne has been appointed as an Executive Director/CEO of HNB Assurance PLC, while Sithumina Jayasundara has been appointed as an Executive Director/CEO of HNB General Insurance Limited.Both Lasitha Wimalaratne and Sithumina Jayasundara presently serve as the Chief Executive Officers of HNB Assurance PLC and HNB General Insurance Limited, respectively.Speaking on their appointment, Stuart Chapman, Chairman of HNB Assurance PLC and HNB General Insurance Ltd, stated “I’d like to extend my warmest congratulations to both Lasitha and Sithumina on their appointment to the respective Boards. Their leadership and contributions to both companies have been instrumental in driving growth and stability across the businesses, and I am confident that their appointment will further strengthen our strategic direction and enhance shareholder value.”Lasitha Wimalaratne has overall over 27 years of career experience with 24 years in the field of Life Insurance inclusive of 7 years of multinational experience at Aviva and AIA groups and 3 years of retail Sales and Marketing exposure in London.Prior to joining HNB Assurance PLC he functioned as the General Manager - Life Operations and Specified Officer at Softlogic Life Insurance PLC. Lasitha Joined HNB Assurance PLC in 2019 and served in the capacity of Chief Operating Officer and Principal Officer prior to being appointed as the Chief Executive Officer of HNB Assurance PLC. Lasitha holds a Master of Business Administration Degree (MBA) from the University of Wales, UK and a B. A. (Hons) Degree in Business Studies from the University of Sunderland, UK. He is a Chartered Insurer and a Fellow Member of the Chartered Insurance Institute (FCII). Lasitha is also a Fellow of the Australian and New Zealand Institute of Insurance and Finance (ANZIIF) and an Associate Member of the Chartered Institute of Marketing, UK (ACIM). Lasitha functions as the President of the Insurance Association of Sri Lanka (IASL) and served as the President of the Sri Lanka Insurance Institute (SLII) for the period of 2019-2021. Further, he was the Founder Secretary General of the Chartered Insurance Professionals (ACIP) and served as a Council Member until March 2021. Lasitha also was a Board Director of Biodiversity Sri LankaSithumina Jayasundara, has over 27 years of experience in the Sri Lankan insurance landscape. His journey began with leadership roles in Non-Life insurance business at prestigious companies like Asian Alliance, MBSL, Janashakthi, and Eagle Insurance. He further broadened his expertise through international training programmes and conferences, specialising in Re-insurance. In 2014, Sithumina joined HNB General Insurance Limited, quickly rising through the ranks. He was appointed to the Group Executive Committee in 2015 and subsequently took on the responsibilities of Chief Technical Officer, Specified Officer, Chief Operating Officer, and Principal Officer. Beyond his corporate achievements, Sithumina actively contributes to the industry’s development. He was the Past President of the Sri Lanka Insurance Institute (SLII) and is a founding Council Member of The Association of Chartered Insurance Professionals (ACIP) in Sri Lanka. He also serves on the Insurance Association of Sri Lanka (IASL). Sithumina’s academic qualifications are equally impressive. He holds a Master’s Degree in Business Administration from Cardiff Metropolitan University, UK, and is the Sri Lanka award winner of the Advanced Diploma in Insurance (ACII - UK) and is a Chartered Insurer. Additionally, he holds the Senior Associateship of the Australian and New Zealand Institute of Insurance and Finance. He also currently serves as a member of the Expert Advisory Committee for the InsurInnovator Connect Global Series Events – Asia 2025.
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